Brent crude rises to $72.24 per barrel

Oil prices rose moderately amid low trading activity due to the US holiday, Report informs via trading data.

The price of September Brent crude oil futures on London's ICE Futures exchange was $72.24 per barrel, up 0.61% from the previous close.

WTI crude oil futures for August on the New York Mercantile Exchange (NYMEX) electronic trading rose 0.51% to $69.04 per barrel.

Cautious optimism remains in the market regarding efforts to resolve the conflict in the Middle East. Oil exports from the Persian Gulf countries are rapidly recovering following the opening of the Strait of Hormuz to tankers. Saudi Arabia has increased supplies almost to levels reached before the outbreak of military conflict in the Middle East in late February.